sentix Investmentmeinung 30-2017

Written by Patrick Hussy | 31 July 2017
Posted in sentix Weekly

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Der Charme der Diskrepanz

Die Anleger haben Respekt vor der saisonal schwachen Aktienmarkt-Phase, die ab August beginnt. Dementsprechend trägt das Sentiment pessimistische Züge. Trotzdem erkennen die Anleger auch, dass über diese Zeit hinaus gedacht Chancen im jüngsten Kursrückgang europäischer Aktien liegen. Doch die Ängste überwiegen und führen insbesondere bei den Investmentprofis zu einer deutlichen Unterinves-tierung. Diese Diskrepanz versprüht den Charme eines konträren Einstiegs.

Geänderte Einschätzungen: DAX, EuroSTOXX50 sowie Rohöl

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sentix ASR Essentials 30-2017

Written by Patrick Hussy | 30 July 2017
Posted in sentix Weekly

Eurozone equity sentiment caught in the grip of euro optimism

The latest sentix survey revealed that participants are still running with below average levels of over-investment in equities, while pessimism on indices such as the EuroSTOXX remains notable. This latter development may, to some extent, represent the sentiment flipside of still high optimism on the near-term outlook for the euro, given the risk that euro strength begins to weigh on the outlook for exporters. Sentiment readings on EUR/USD did tick modestly lower over the week, albeit they remain elevated. Any further moderation in euro optimism over the summer might be the catalyst for renewed sentiment support for eurozone equities. See Charts 2-4, p2.

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Sentiment for the Swiss francs on extreme level

Written by Patrick Hussy | 24 July 2017
Posted in Special research

In the last few weeks, the Swiss franc has clearly deteriorated in value against the euro. The strong Euro thus also radiates to the Alps Republic. The reaction of investors to this is euphoric. The sentiment for EUR / CHF reaches the state of euphoria with +46 percentage points. Consequently, the air is thin for a further rise - at least in the short term.

sentix Investmentmeinung 29-2017

Written by Patrick Hussy | 24 July 2017
Posted in sentix Weekly

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Der Euro begeistert – die Aktionäre nicht

Die Märkte befinden sich im Sog der Wechselkurse. Die Euro-Stärke hinterlässt ihre Spuren am deutschen Aktienmarkt. Dies führt zu Extremwerten im Aktiensentiment wie auch euphorischen Zügen an den Währungsmärkten. Was bedeutet dies für die nächsten Wochen?

Geänderte Einschätzungen: neue Stop-Limite beim S&P 500 sowie Kauflimite bei DAX und EuroSTOXX50

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sentix ASR Essentials 29-2017

Written by Patrick Hussy | 23 July 2017
Posted in sentix Weekly

Near-term Euro optimism hits high-end of range

Last week’s ECB meeting has provided a further fillip to an already rising tide of optimism on the Euro versus the dollar. In the near-term, EUR/USD sentiment readings have reached the high end of their range of the past seven years, albiet optimism did reach even higher levels in 2010-11. Nevertheless, such elevated optimism suggests increased potential for near-term sentiment setbacks. However, near-term uncertainties aside, the latest sentix survey also revealed that survey participants’ strategic bias is also becoming ever-more positive. It appears that investors don’t view the currency as overvalued, and see further upside for EUR/USD in the medium-term. See Charts 2-4, p2.